Description

A monthly cash settled Exchange Futures Contract based upon the mathematical average of daily prices calculated by averaging the off-peak hourly electricity prices published by ISO New England for the location specified in Reference Price A.

Market Specifications

Trading Screen Product Name

Off-Peak Futures (50 MW)

Trading Screen Hub Name

ISO-NE W Central Mass DA Off-Peak

Commodity Code

IWD

Settlement Method

Cash settlement

Contract Size

1 MW

Currency

USD

Minimum Price Fluctuation

The price quotation convention shall be One cent ($0.01) per MWh; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle

Up to 50 consecutive monthly Contract Periods

Last Trading Day

The last Business Day of the Contract Period

Final Settlement

Average of Reference Price A prices

REFERENCE PRICE A

ELECTRICITY-ISO NEW ENGLAND-WC MASS-DAY AHEAD

a) Ref Price A - Description

"ELECTRICITY-ISO NEW ENGLAND-WC MASS-DAY AHEAD" means that the price for a Pricing Date will be that day's Specified Price per MWh of electricity for delivery on the Delivery Date, stated in U.S. Dollars, published by the ISO New England at http://www.iso-ne.com/markets, under the headings "Hourly Data: Selectable Hourly LMP Data: 4007_:_.Z.WCMASS: Start Date/End Date: LMP prices for Day-ahead and Real-time: Real Time LMP" or any successor headings, that reports prices effective on that Pricing Date.

b) Ref Price A - Pricing Date

Each day that prices are reported for the Delivery Date

c) Ref Price A - Specified Price

For each Monday through Friday, excluding NERC holidays, the average of LMPs for all hours ending 0100-0700, 2400 EPT; for each Saturday, Sunday, and NERC holiday, the average of LMPs for all hours ending 0100-2400 EPT

d) Ref Price A - Pricing calendar

ISO New England

e) Ref Price A - Delivery Date

Contract Period

Final Payment Date

The second Clearing Organization business day following the Last Trading Day